Schlumberger's quarterly net rise 36%

MikeMaynard

NEW YORK (MarketWatch) -- Schlumberger Ltd.
SLB, -1.19%
reported second-quarter net income of $482.2 million, or 80 cents a share, up from $355.6 million, or 59 cents, earned in same period last year. The oilfield services giant's quarterly revenue reached $3.43 billion from the prior year's $2.83 billion. Earnings from continuing operations jumped to 78 cents a share from 43 cents a year ago. Analysts, on average, had been looking for earnings of 67 cents a share, according to estimates compiled by Thomson First Call. The company benefited as "customer spending plans accelerated worldwide," said CEO Andrew Gould. The company repurchased 2.77 million shares during the latest quarter, spending $189 million. Shares of Schlumberger lost 49 cents to end Thursday's trading at $77.96.

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